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Copper prices surged to their highest level in nearly 10 years on Thursday as investors rushed to buy the metal to hedge potential inflation risks
from the central bank's continued stimulus program.
At 1715 GMT, three-month copper on the London Metal Exchange (LME) rose 1.
6% to $9,457 a tonne, after hitting its highest level since August 2011 at $9,617
.
Copper prices are now about 6%
below their record high of $10,190 per tonne set in February 2011.
Fed Chairman Jerome Powell said Wednesday that it could take more than three years to reach the Fed's inflation target, suggesting the Fed plans to keep interest rates unchanged
for some time.
Two ECB executive commissioners pledged on Thursday to keep borrowing costs
low.
The consultancy said Powell's words worried some investors that they believed the central bank was underestimating inflationary pressures as they continued to inject liquidity into the market, and that metals and other commodities had become some form of safe haven in case they got out of control
.
At the same time, supply problems remain
in the market.
The most actively traded April copper contract on the Shanghai Futures Exchange jumped 4.
5 percent to 70,740 yuan ($10,964.
04) a tonne, a level
not seen since March 2011.
